Slide 1: Eldorado Gold Site Tour October 2023
Eldorado Gold Site Tour October 2023
Slide 2: Forward Looking Statement
Forward Looking Statement Forward Looking Statement Definitions Capitalized terms used in this presentation but not otherwise defined herein have the meanings ascribed thereto in the Management’s Discussion and Analysis dated July 27, 2023 of Eldorado Gold Corporation for the six months ended June 3
Slide 3: Non-IFRS Measures
Non-IFRS Measures Certain non-IFRS financial measures and ratios are included in this presentation, including cash operating costs and cash operating costs per ounce sold, total cash costs and total cash costs per ounce sold, all-in sustaining costs ("AISC") and AISC per ounce sold, sustaining and g
Slide 4: Eldorado Gold Participants
Eldorado Gold Participants Paul Ferneyhough – , SVP Chief Strategy & George Burns – Commercial Officer President & CEO Claire Chamberlain, VP Exploration Philip Yee – EVP & CFO Tim Baker, Chief Geoscientist Joe Dick, EVP & COO Lynette Gould, VP Investor Relations Simon Hille, SVP Technical Services
Slide 5: Diversified Portfolio of Long-Life, High-Quality Assets
Diversified Portfolio of Long-Life, High-Quality Assets Kassandra Mines, GREECE ● Olympias ●Skouries Skouries ● Stratoni Stratoni ● Olympias, GREECE 2022 Au Production 56,333 oz Diverse Asset Portfolio 2022 AISC/oz(1) $2,155/oz sold • Operations in Türkiye, Greece and Canada 2023 Q2 Production 13,86
Slide 6: Strong Investment Rationale
Strong Investment Rationale Eldorado is driving investor returns by focusing on four key areas Pipeline of Strategic Growth Projects Attractive Valuation • Skouries: In full construction. ~140kozs average annual • Eldorado trades at 0.6x P/NAV versus peers at 0.8x gold production forecast, with comm
Slide 7: 5-Year Operating Outlook Includes Skouries
5-Year Operating Outlook Includes Skouries Production (mid-point) increasing by over 55% over the 5-year period driven by organic growth projects and expected commercial production from Skouries 5-Year Production Profile (1)(2) 2023 Production Guidance Ranges (oz) 800 Kışladağ 160,000 – 170,000 705k
Slide 8: Financial Position
Financial Position Focus on maintaining solid financial position which provides flexibility to unlock value across our business Liquidity Position(1) (as of June 30, 2023) • Cash position(1) of $456.6 million at June 30, 2023 • On June 14, 2023, Eldorado completed strategic investment of C$81.5M by
Slide 9: Skouries
Skouries Skouries Olympias Kışladağ Efemçukuru
Slide 10: Skouries: Site Management
Skouries: Site Management Robert Stocki – Project Director Project Progress and IEWMF Andy McParland, Deputy Director UG Mining UG Mining Paul Calligaris, Deputy Director Process & Infrastructure Process Facilities 9
Slide 11: Health & Safety
Health & Safety Protecting the health and safety of our employees, contractors, suppliers and communities is our first priority and a cornerstone of our operating philosophy 10
Slide 12: Health and Safety Program
Health and Safety Program UG Mining Team Topsoil/Organics Removal First Development Blast Low Grade Ore Stockpile • HS Management Plan implemented • Construction and Mining induction programs Achievements • Supervisory and interaction training • Successful mobilization for first construction contrac
Slide 13: Skouries
Skouries High-grade gold-copper porphyry deposit that is a key driver of Eldorado’s growth story At Spot OVERVIEW Life of Mine (LOM) Project Economics(2) Au & Cu(3) Location Halkidiki Peninsula, Greece Annual gold production 140,000 oz Deposit type Gold-copper porphyry Annual gold equivalent product
Slide 14: Project History
Project History Bringing a world class asset into production 1960s Initial drilling by Nippon Mining and Placer Development 1970s Drilling carried out by Hellenic Fertilizer Company 1996-97 Ownership transferred to TVX, exploration drilling tested extensions to depth; in-fill drilling program carrie
Slide 15: Skouries Location
Skouries Location Skouries Development Project 14
Slide 16: Skouries Site Layout
E Skouries Site Layout D B A C 3D rendering shown at year 10 A: Open pit B: Crusher C: U/G portal D: Coarse ore stockpile E: Milling facility 15
Slide 17: Site Layout
Site Layout A A: Open pit B: Crusher E C: U/G portal D D: Coarse ore stockpile E: Milling facility (before cladding) B C 16
Slide 18: Site Layout: Milling Facility (before cladding)
Site Layout: Milling Facility (before cladding) A: SAG Mill B: Cyclone Cluster C: Ball Mill D: Flotation Tanks A C D E: Regrinding Mill B E 17
Slide 19: Site Layout: Milling Facility (after cladding)
Site Layout: Milling Facility (after cladding) 18
Slide 20: Site Layout: Tailings
Site Layout: Tailings B A: Site Offices B: Integrated Waste Management Facility C: U/G portal E D: Water Management Pond E: Low-Grade Ore Stockpile A D C 19
Slide 21: Mining and Processing Scope Overview
Mining and Processing Scope Overview Equipment ordered, work partially started Equipment set in place or on site 20
Slide 22: Project | Scope Completed (I/II)
Project | Scope Completed (I/II) Open Pit Plant Area West Decline Portal Offices IEWMF Facility 21
Slide 23: Project | Scope Completed (II/II)
Project | Scope Completed (II/II) Open pit partially stripped, test benches completed 260 Pieces of mechanical equipment already set ~500 Pieces of mechanical equipment in site warehouses 1.5km of underground development completed Process water ponds completed 22
Slide 24: Kassandra Mining District Geological Setting
Kassandra Mining District Geological Setting • Kassandra mining district includes porphyry Au-Cu and Au-rich Olympias polymetallic carbonate-hosted replacement deposits (CRDs) • CRDs include Olympias, Mavres Petres, Madem Lakkos and Piavitsa & formed during the Oligocene • Skouries porphyry Au-Cu de
Slide 25: Skouries Deposit – Geology, Cross Section and Intercepts
Skouries Deposit – Geology, Cross Section and Intercepts • Skouries Au-Cu deposit is hosted by potassic altered pencil-porphyry stock (< 200m in diameter) & surrounding altered schist • Approximately two-thirds of the Measured and Indicated Mineral Resources are hosted outside the porphyry, with a ~
Slide 26: Skouries Near-mine Exploration Potential
Skouries Near-mine Exploration Potential 475000E 477500E • Near-mine targets at Skouries include: • Poorly tested discrete magnetic anomaly south of Skouries 1 • Numerous discrete magnetic-high features • The nearby Tsikara intrusive complex also has porphyry Skouries 3 potential including: 4480000N
Slide 27: Mineral Resources and Reserves as of September 30, 2022
Mineral Resources and Reserves as of September 30, 2022 Open pit and underground mineral reserves and resources Category Tonnes Au (g/t) Cu (%) Contained Au Contained Cu (kt) (koz) (kt) Total Mineral Resources Measured 90,714 0.85 0.51 2,479 466 Indicated 149,260 0.53 0.44 2,551 652 Measured & Indic
Slide 28: Skouries Capital Cost Breakdown
Skouries Capital Cost Breakdown Well-positioned to reach commercial production on schedule and on budget Capital Cost Breakdown (US$M) 12,4% 191 Capital Cost Estimate 4,2% Mine • The project is approximately half-built with major Process plant and infrastructure processing equipment already purchase
Slide 29: Skouries: Transformational for Eldorado
Skouries: Transformational for Eldorado Skouries Project Estimates(1) • Robust economics(1) • Base case(2): NPV5% $1.3B; after-tax IRR 19% • Spot price(2): NPV5% $1.6B; after-tax IRR 22% • Average annual gold production: 140kozs • Average annual copper production: 67M lbs • Cash operating costs(3):
Slide 30: Skouries Feasibility Study at a Glance
Skouries Feasibility Study at a Glance Strong production and low cost expected for years to come AISC1,2,3 Capital IRR Payback ($6/oz) $845M 19% <4 Years Low-end of the cost curve To 1st production Internal Rate of Return From 1st production Cash Operating Costs1 EBITDA Margin1 NPV4 Au Production ($
Slide 31: Positioned to Deliver
Positioned to Deliver Transitioned to full construction mode: $240 to $260 million capital expected in 2023 ✓ Q1 2021: Amended ✓ Q1 2023: Full restart of Investment Agreement construction ❑ Q1 2025: Delivery of Signed ✓ Q1 2023: Drilling and blasting tailing filter press ✓ Q2 2021: Receipt of commen
Slide 32: 2023 Focus
2023 Focus Production on schedule and on budget Expected progress by August 30, 2023 end of 2023 33% 48% Project Process 2023 Site Activities ❑ Mobilization of construction contracts for earthworks and concrete 55% ~90% ❑ Awards of the remaining major Detailed engineering procurement and contract pa
Slide 33: Phase 1: Open Pit & Underground
Phase 1: Open Pit & Underground Phase 1 is a combined open pit and underground mining operation, for approximately 9 years Open Pit (~9 years) Phase 1 Phase 2 • Conventional truck-shovel operation, with drilling, blasting, loading, and hauling of ore and waste material • A portion of oxide ores will
Slide 34: Open Pit
Open Pit • Mine Schedule aligned with the IEWMF Dam embankment construction schedule for the maximum utilization of mining waste as construction material • Soil removal and Pre-stripping started
Slide 35: Phase 2: Underground
Phase 2: Underground Phase 2 consists of mining solely from the underground for approximately 11-years Underground (~11 years) • The sublevel open stope mining method was determined to be the best underground extraction method, with drilling, blasting, loading and hauling of ore and waste material •
Slide 36: Underground
Underground • Mining in 60m high stopes from +350 to -130 • Mining in 2 phases: – 1st from +350 to +110 (Concurrently with Open Pit) – 2nd from +350 to -130 (exclusively UG production) • Preceeded by test stoping to verify mining parameters Total Development meters: • Decline – 351 m • Level Develop
Slide 37: Integrated Extractive Waste Management Facility (IEWMF)
Integrated Extractive Waste Management Facility (IEWMF) Dry stacked material occupies less space and reduces the environmental footprint by 50% • Principal waste streams • Overburden and waste rock from open pit mining and underground development • Tailings from mineral processing • Phase 1 • Most w
Slide 38: Water Management
Water Management Modified design to increase mine resiliency for changes in return periods and intensity of precipitation events. • Contact water: groundwater and surface water (precipitation) that has been exposed to mine infrastructure • Non-contact water: groundwater and surface water that will b
Slide 39: Process Plant - Flowsheet
Process Plant - Flowsheet Mine to product flowsheet 38
Slide 40: Filter Plant
Filter Plant SCOPE OF WORK Quantity Unit Piles 1,017 Each Structural Concrete 15,381 M3 Pipe HDPE 6,204 LM Metallic 11,458 LM Structural Steelwork 5,296 MT Equipment Filter Press 6 Each Rotating 88 Each Tanks & Vessels 16 Each Misc Packaged Items 64 Each Lifting Equipment 39 Each Electrical Cable 85
Slide 41: Key Quantities
Key Quantities Area Item Unit Total Mass Earthworks m3 872,754 Structural Earthworks m3 203,165 Piling ea 738 Process Plant Reinforced Concrete m3 40,812 and Infrastructure Structural Steel t 6,597 Process Piping m 60,540 Electrical Cables m 387,768 Instrumentation ea 849 Embankment – spreading and
Slide 42: Social Benefits & Best-in-Class Sustainable Technologies
Social Benefits & Best-in-Class Sustainable Technologies At the Olympias Mine we are restoring and reclaiming historical mine waste areas. We also conduct ongoing reclamation work as we operate to mitigate environmental disturbance. At Skouries, reclamation will take place in parallel with mining ac
Slide 43: Benefits of Dry-Stack Tailings
Benefits of Dry-Stack Tailings The Skouries project design includes dry-stack tailings, an innovative method that makes the tailings management process safer and provides additional environmental benefits compared to other tailings management options. Additional benefits of dry-stacking include: Geo
Slide 44: Social Inclusion and Local Empowerment
Social Inclusion and Local Empowerment Sustainable development enables long term growth Local Economic Contribution Employment in Local Communities • $2B in revenue for the Greek State from income taxes, • 5,000 direct and indirect jobs social contributions and royalties over the life of mine • An a
Slide 45: Skouries: Building a World-Class Mine in Europe
Skouries: Building a World-Class Mine in Europe Key takeaways ➢ Fully funded with strategic partners at the table ➢ First production in approximately 2 years ➢ Robust economics ➢ Best-in-class sustainable technologies ➢ Exploration upside – Cu & Au intercepted at depth adjacent to Skouries and untes
Slide 46: Olympias
Olympias Skouries Olympias Kışladağ Efemçukuru
Slide 47: Olympias: Site Management
Olympias: Site Management Christos Balaskas – VP and General Manager, Hellas Gold Overview Greece Francisco Ballesteros – General Manager Operations Transformation Update Michalis Papasotiriou – Operations Deputy Operations Improvement General Manager Head of Mining Emmy Gazea – Environmental Manage
Slide 48: Health & Safety
Health & Safety Eldorado holds employees and contractors working on our sites to the same standards for H&S • Continuous development of Standard Operating Procedures, Standards and Policies • Emergency preparedness System: (Rescue Team, Vehicle and Chambers, ERP, FLAIM trainer) • Safety beacon and U
Slide 49: Olympias
Olympias Carbonate replacement style deposit with high gold-grades and an orebody that will allow for mining rates up to 1 million tonnes per year OVERVIEW RESERVES AND RESOURCES (2) Location Halkidiki Peninsula, Greece Contained Contained Ownership 100% Tonnes Grade Grade Ounces Ounces (x1000) (g/t
Slide 50: Olympias Location
Olympias Location Olympias Mine 49
Slide 51: Project History
Project History 1995 Ownership transferred to TVX Gold Incorporated from Greek state 1999 Feasibility study completed by TVX 2004 Hellas Gold, a subsidiary of European Goldfields, acquired Olympias from the Greek state 2011 EIA received for the Kassandra Mines (includes Olympias, Skouries and Strato
Slide 52: Site Layout
Site Layout 7) eldorado gold
Slide 53: Site Layout
Site Layout G A: Gold filter plant B: U/G portal C: Ore sorting & blending area F E D C D: Crushing building E: Flotation building F: Lead & zinc filter plant B G: Plant nursery A 52
Slide 54: Olympias Production History & Forecast by Years
Olympias Production History & Forecast by Years Gold Production / Grade 90,000 9.0 80,000 8.0 70,000 7.0 60,000 6.0 Au ounces 50,000 5.0 g/t 40,000 4.0 30,000 3.0 20,000 2.0 10,000 1.0 0 0.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024F 2025F 2026F 2027F Gold Production - Actual
Slide 55: Olympias Deposit and Resources Distribution
Olympias Deposit and Resources Distribution Five zones: East, West, West Flank & Flats West Zone East Zone West Flank Flats Zone Resources are solid, geology is consistent, and strong exploration potential exists 54
Slide 56: Transformation Initiatives
Transformation Initiatives Initiatives support Eldorado’s 2023 guidance and continued transformation objectives Bulk Emulsion Blasting System • Improves explosive distribution in the drilled holes • Yields greater advance per blasted round, enhancing the development rate • Implemented in Q2 2023 Ven
Slide 57: Underground: Emulsion Blasting
Underground: Emulsion Blasting Yields greater advance per blasted round, enhancing the development rate Safety improvements: • Packaged emulsion explosives are currently used for charging in Olympias. • Handling of non-explosive materials • Cartridge explosives require more time to load a face and a
Slide 58: Underground: Ventilation on Demand (VoD)
Underground: Ventilation on Demand (VoD) Provides safe access to lower areas of the mine supporting an increase in the number of development headings we can effectively work VoD Overview Ventilation System Upgrades & Modeling • 39 installed fans; Main exhaust fans: 6 • Assumed Average Power Utilizat
Slide 59: Productivity Improvements
Productivity Improvements Driving efficiencies to lower costs and increase production Self-performing Capital Development and Improved Sunday Third Shift Larger Stopes in Flats Ore Zone Utilization of Availability (“UofA”) •Implemented starting September •Identified zone where it is possible to •Imp
Slide 60: Flotation Plant
Flotation Plant Improving concentrate quality Achievements and Highlights • Plant upgrade in 2017 • Design throughput 53 t/h (432Ktpa) - Actual throughput 65 t/h (520Ktpa) • High plant performance secure by installed technology and automation systems • The plant is being run to achieve concentrate q
Slide 61: Kokkinolakkas Dry-Stack Facility
Kokkinolakkas Dry-Stack Facility Eldorado is committed to implementing leading practices in tailings management To protect water from contamination and to maintain the integrity of the Kokkinolakkas Tailings Management Facility (“TMF”), we carefully monitor and manage water in and around the site. W
Slide 62: Olympias Near-Mine Exploration Potential
Olympias Near-Mine Exploration Potential North (Tops) Limited drilling outside current resources extension target Recent success at North Zone Three main - near mine - targets will be tested : • West Zone: Target is to test the west flanks of the West Flats Ore Zone. Base-metal rich zone. extension
Slide 63: Olympias: Transforming by Delivering on Efficiencies
Olympias: Transforming by Delivering on Efficiencies Key takeaways ➢ High grade asset with long mine life ➢ Significant by-product production drives lower cost ➢ Technology to drive efficiencies ➢ Exploration upside – mineralization open in multiple zones and, locally, new intercept grades commonly
Slide 64: Perama Hill
Perama Hill Low-cost epithermal gold-silver project with transformative growth potential OVERVIEW RESERVES AND RESOURCES (2) Location Thrace, Greece Contained Contained Tonnes Grade Grade Ounces Ounces Ownership 100% (x1000) (g/t Au) (g/t Ag) (x1000 Au) (x1000 Ag) Mine type Open pit P&P Reserves 12,
Slide 65: Site Location
Site Location Perama Hill Development Project 250km west of Kassandra Mines 64
Slide 66: Project History
Project History 1995 Ore body identified – Grassroots discovery by Normandy/Silver & Barite JV 2002-2004 Project sold to Newmont, then Frontier Pacific Mining 2008 Eldorado Acquired project via Frontier Pacific 2010 Positive Feasibility Study Completed 2012 Received approval of Preliminary Environme
Slide 67: Perama-Sapes District Geology & Exploration
Perama-Sapes District Geology & Exploration • Perama Hill (high sulfidation epithermal) exploration Sapes potential includes deeper sulfide zones & high-grade epithermal veins • Perama South (carbonate replacement) exploration potential includes depth extensions • Sapes (high sulfidation Perama Hill
Slide 68: Perama Hill-Perama South Geology & Exploration
Perama Hill-Perama South Geology & Exploration A Perama Hill Perama S A’ 67
Slide 69: Perama Hill – Village, EIA, Land, Perama South
Perama Hill – Village, EIA, Land, Perama South Village Mining activities limited to 250m from habitation Distance doubles (500m) if explosives are used EIA Boundary EIA boundary must incorporate all land used All land within the boundary must be owned or leased Land Land procurement restarted in 202
Slide 70: Proposed Site Layout
Proposed Site Layout Centralized Site Crushing Area Ancillary • Crusher • Truck shop • Fuel Storage Pit • Stockpile Process Plant Area • Crushing / Screening • Mill Building • ADR / Gold Room • Reagents • Admin Office TMF • Laboratory • EH&S • Warehouse / Maintenance Shop • Filtration / Water treatm
Slide 71: Proposed Process Plant Layout
Proposed Process Plant Layout CrushersAncillary Screens Office Primary Pit Mill Sulfide Reagents Leach Waste Sub-Station WTP Filtration TMF 70
Slide 72: Perama Hill – Process Plant
Perama Hill – Process Plant 71
Slide 73: Perama Hill
Perama Hill • Upcoming catalysts • Social & Environmental Due Diligence – Ongoing (2023) • File application for inclusion to the Strategic Investments – H1 2024 • Restart stakeholder engagement and community consultation – commencing in H1 2024 • Future developments • Strategic Investment EIA submis
Slide 74: Kışladağ
Kışladağ Skouries Olympias Kışladağ Efemçukuru
Slide 75: Kışladağ Site Management
Kışladağ Site Management Mehmet Yılmaz Yaşar Dağlıoğlu Ergün Altıntaş Vice President & General Manager Deputy Vice President Acting General Manager Hakan Ünal Ekim Erol Travis Robert Walker Deputy General Manager Mine Manager Process Manager Mustafa Çoban Mutlu Ünle Alper Gürsoy Project Manager Main
Slide 76: Kışladağ
Kışladağ Kışladağ is a low-grade, bulk-tonnage, open pit operation that uses heap leaching for gold recovery OVERVIEW RESERVES AND RESOURCES (2) Location Uşak Province, Türkiye Contained Ownership 100% Tonnes Grade Ounces (x1000) (g/t Au) Mine type Open pit, heap leach (x1000 Au) P&P Reserves 186,00
Slide 77: Kışladağ
Kışladağ Kışladağ Gold Mine 76
Slide 78: Project History
Project History Long life asset 1997-2003 Identification of ore body, RC and diamond drilling, engineering and metallurgical studies, completion of feasibility study 2003-2004 Approval of Environmental Positive Certificate (EIA) and Mine Operation Permit, Land purchasing and detailed engineering 200
Slide 79: Health & Safety
Health & Safety Year Person-Hour LTI LTIFR TRI TRIFR 2022 2,63 0 0 6 2,28 2023 (August) 1,66 0 0 1 0,60 • Kışladağ exceeded 3 years (8 millon work/hour) without LTI • Sustainability Integrated Managment System (SIMS); International Cyanide Management Code (ICMC) and ISO-45001 OHS Management System a
Slide 80: Environment
Environment Eldorado designs and constructs our projects to minimize land disturbance while prioritizing a safe working environment for our employees and contractors • No major environmental incident or regulatory non-compliance • ISO-14001 Environmental Management System implemented • The Mining As
Slide 81: Human Resources
Human Resources Total Headcount: 748 (White collar:192-Blue collar:556) Total Headcount(Include Contractor) 1,277 Average Seniority 65 Months (5.4 years) Average Age 37 Male: 704 (94%) Gender Dispersion Female: 44( 6%) Average Turnover %1 Collective labor agreement in place with Mine Workers Union o
Slide 82: Site Layout
Site Layout In operation since 2006; original discovery made by Eldorado in the late 1990’s during a regional grassroots exploration program A: South waste rock dump G F B: Open pit A C: Crusher plant D B C D: South Heap Leach E: Greenhouse F: North waste rock dump G: North Heap Leach Pad E 81
Slide 83: Overall View
Overall View 82
Slide 84: Road Map
Road Map Dec -2021 Apr-2023 In-Plant Agglomeration Future Opportunities HPGR Commissioning & Partial belt To be evaluated friable ore feed agglomeration Belt agglomeration NHLP Permit for stacking at Phase I cells Cement and Water addition on belts Nov-2021 2024+ Feb- 2023 83
Slide 85: Kışladağ Production History & Forecast by Years
Kışladağ Production History & Forecast by Years • Lagging recovery, pause in operations 2018 • Mill, HPGR & other technologies reviewed • 2019 Restart of operations with assumption of longer leach cycle 84 (1) Forecast is the mid-point of guidance. Forecast grade for 2023 is expected to be between 0
Slide 86: Mine / Drill & Blast
Mine / Drill & Blast WSS | a 7) eldorado gold
Slide 87: Kışladağ- Geology
Kışladağ- Geology FINAL OPEN PIT DIATREME BRECCIAS INT-1 INT-2A INT-3 SCHIST INT- 1 INT-1 SCHIST 86
Slide 88: Pit Phases
Pit Phases 687500E 4261500N N S W E Current Topo Current Topo Ph4 Ph4 Ph5 Ph5 Ph6 Ph6 87
Slide 89: Radar Locations and Coverage Map
Radar Locations and Coverage Map 88
Slide 90: Radar Monitoring Points
Radar Monitoring Points 7) eldorado gold
Slide 91: Heap Leach Considerations
Heap Leach Considerations Leaching considerations Permeability Current focus • Geotech stability With throughput • Focus on flow for current and future lifts ramped up focus turns to Throughput circuit • Materials handling optimisation • Stacking options Recovery • Particle size • Reagent dosing 90
Slide 92: Factors Affecting Recovery
Factors Affecting Recovery Leaching principles Recovery comes down to 3 key parameters: • Particle size (e.g. P80, fines generation, microfracturing) • Chemistry (e.g. lime, oxygen, cyanide) • Permeability (e.g. agglomeration) 91
Slide 93: High Pressure Grinding Roll (“HPGR”)
High Pressure Grinding Roll (“HPGR”) Overview • HPGR circuit was commissioned in Q4 2021 • Projected completed over a two-year period • Replaced 5 Tertiary Crushers & Screens • ~25Mt roller replacement program • 2.2 kWh/t –vs- 2.47 kWh/t 92
Slide 94: Leach Pad Plan - Generalized
Leach Pad Plan - Generalized NHLP capacity will cover the LOM production South Heap Leach Pad (SHLP): • 15.1 Mt remaining capacity • Capacity could increase 3 Mt (study) North Heap Leach Pad (NHLP): • Stacking begun in July 2023 • 100 Mt capacity (phase 1 & 2) • 95 Mt capacity (phase 3 & 4) Stacking
Slide 95: NHLP Construction – Under Drain System
NHLP Construction – Under Drain System To protect the stability of the pad against the underground water 94
Slide 96: NHLP Construction – Diversion Channel System
NHLP Construction – Diversion Channel System To divert non-contact water from the process pond & facilities 95
Slide 97: Kışladağ - Upside Potential
Kışladağ - Upside Potential 96
Slide 98: Technology Implemented
Technology Implemented Fleet management system provides more reliable and real-time data to analysis and help us find improved opportunity 97
Slide 99: Technology Implemented
Technology Implemented • HPGR • Automated Edge Splitter Technology (real time adjustments from control room) • Geotechnical • Slope Stability Monitoring; Pit & Leach Pads • Advanced satellite-based Interferometric Synthetic Aperture Radar (InSAR) 98
Slide 100: CSR - Engagement
CSR - Engagement • Our relationships with stakeholders are built on trust, honesty and transparency • Consistency, transparency and continuity • Permanent presence at the sites and immediate community • Formation of in house PR/GR team • High level of communication & information with: • Village(s) i
Slide 101: CSR - Community
CSR - Community Focused on continuing support for improved quality of education and community infrastructure and promoting cultural heritage in Uşak and smaller local villages • Supply of potable water to villages • Construction of sewage system for villages • Village roads • Memorial forest with 72
Slide 102: Kışladağ: Investments enable free cash flow
Kışladağ: Investments enable free cash flow Key takeaways ➢ Growth investments completed in the last ~2 years position asset well for sustained FCF growth ➢ HPGR potential upside on crushing finer ➢ Agglomeration optimization ➢ NHLP operational and performing in-line with expectations ➢ Long mine li
Slide 103: Efemçukuru
Efemçukuru Skouries Olympias Kışladağ Efemçukuru
Slide 104: Efemçukuru: Site Management
Efemçukuru: Site Management Nadir Arslan, Onur Demir, Çağlar Acımaz, Adil Cem Ağın, Hüseyin Altay, General Deputy General Geology Manager HR Manager Supply Manager Manager Manager Mehmet Erdem Semih Aydın, İbrahim İleri, Muratcan Semiz, Gürbüz, Process Manager Mine Manager OHS Manager Finance Manage
Slide 105: Health & Safety
Health & Safety SAFETY PERFORMANCE LTI LTIFR TRI TRIFR(1) 15 25 12.59 2018 0 0 21 12,59 20 10 15 2019 0 0 11 6,36 5.09 6.25 6.36 10 5 1.92 5 2020 0 0 3 1,92 0 0 0 0 0 0 0 2018 2019 2020 2021 2022 2021 0 0 8 5,09 TRI LTIFR TRIFR 2022 0 0 11 6.25 (1) Multiplied by 1,000,000 hours Achievements • Progre
Slide 106: Türkiye-Syria Earthquake Relief Efforts
Türkiye-Syria Earthquake Relief Efforts Mine rescue teams were deployed to the impacted areas to support search and rescue efforts 105
Slide 107: Efemçukuru
Efemçukuru High-grade underground operation located in Izmir Province in western Türkiye OVERVIEW RESERVES AND RESOURCES (2) Location İzmir Province, Türkiye Contained Tonnes Grade Ownership 100% Ounces (x1000) (g/t Au) (x1000 Au) Mine type Underground P&P Reserves 3,184 5.30 542 Metals mined Gold M
Slide 108: Efemçukuru Location
Efemçukuru Location Efemçukuru Gold Mine 107
Slide 109: Project History
Project History Steady producer year over year 1992 Discovered the deposit while carrying out reconnaissance work in western Türkiye 2005 Received EIA approval 2007 Completed feasibility study 2009 Began construction 2011 Mining and processing commenced in June. Commercial production began in Decemb
Slide 110: Efemçukuru Production History & Forecast by Years
Efemçukuru Production History & Forecast by Years Steady producer 109 (1) Forecast is the mid-point of guidance. Forecast grade for 2023 is expected to be 5.5 - 6.0g/t.
Slide 111: Site Layout
Site Layout H A A: Efemçukuru Village B D B: Dry Tailings and Waste Rock Storage Facilities G F E C C: Water treatment plant D: Milling and Flotation Plant E E: South portal A D B F: North portal C G: Filtration & Pastefill Plant 110
Slide 112: Efemçukuru: Life of Mine Design
Efemçukuru: Life of Mine Design Steady producer, continually replacing ounces with reserves, extending LOM • 6 years mine life SOS • 545 kt annual ore production KBNW MOS KESTANEBELENI VEIN NOS Mined Stopes ZONE-84 Actual Waste Devt. Planned Waste Devt. KOKARPINAR VEIN Proven Probable ZONE-61 Inferr
Slide 113: Efemçukuru: Process Facility
Efemçukuru: Process Facility Improved concentrate grade with column flotation circuit 112
Slide 114: Tailings & Mine Rock Management
Tailings & Mine Rock Management The first Dry Tailings Facility built in Turkey. • 50% of Filtered Tailings transport by truck to TSF C-TSF • 50% of Filtered Tailings pump from Paste Plant to UG as Backfill C-MRSF C-TSF REHB. Tailings Mine Rock Storage Facility Storage Facility S-TSF "Central & S
Slide 115: Tailings & Mine Rock Rehabilitation
Tailings & Mine Rock Rehabilitation GCL Lining Drainage Liner Topsoil Planting • Progressive rehabilitation; • rehabilitated area in the C-TSF; 45,9 ha • rehabilitated area in the C-MRSF; 19 ha • Audit and inspection; • Inspection performing by Ministry of Environment related to regulations • Intern
Slide 116: Efemçukuru Exploration in 2023
Efemçukuru Exploration in 2023 Opportunities to extend life of mine at Efemçukuru through conversion of high-grade inferred resources and testing new targets Efemçukuru Efemçukuru • KPR & Bati:~13,000m resource conversion / expansion drilling planned Bati at Kokarpinar and Bati. Resource Expansion K
Slide 117: Efemçukuru: Supporting Local Communities
Efemçukuru: Supporting Local Communities Supporting local communities with a goal to develop opportunities that will endure well beyond the life of our operations. Agriculture Health Beekeeping: Fully equipped ambulance integrated into national ambulance service • Apiary consists of 70 beehives, cre
Slide 118: Efemçukuru: Track Record of Success
Efemçukuru: Track Record of Success Key takeaways ➢ Blueprint for steady, successful operations • Safe, healthy workplace and environment • Effective operational execution and cost control • CI & energy efficiency projects • Asset reliability ➢ Exploration potential for growth & extension of mine li
Slide 119: Appendix
Appendix 118
Slide 120: 5-Year Operating Outlook Includes Skouries
5-Year Operating Outlook Includes Skouries Production (midpoint) increasing over 5 years driven by growth projects Five-Year Operating Outlook(1) Production (oz) 2022 2023E 2024E 2025E 2026E 2027E Kışladağ 135,801 160 – 170 K 195 – 205 K 180 – 190 K 150 – 160 K 165 – 175 K Lamaque 174,097 170 – 180
Slide 121: Executive Leadership
Eldorado Gold Executive Management Team Experienced Operators Supported by a Committed and Proven Leadership Team Frank Herbert Lisa Ower George Burns Joseph Dick Philip Yee Executive VP, People Executive VP, GC, and President & CEO Executive VP & COO Executive VP & CFO and External Affairs Chief Co
Slide 122: Financial Results
Financial Results ($ millions unless otherwise noted) Q2 2023 YTD 2023 2022 2021 2020 Operating Metrics Realized Gold Price ($/oz) 1,953 1,943 1,787 1,781 1,783 Gold produced (oz) 109,435 220,944 453,916 475,850 528,874 AISC(1) ($/oz sold) 1,296 1,252 1,276 1,068 921 Income Metrics Revenue 229.9 459
Slide 123: Historical Operating Results - Kışladağ
Historical Operating Results - Kışladağ (1) Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Operating Data(2) Tonnes placed on pad 3,029,900 3,134,713 3,248,748 3,045,851 2,913,262 2,080,062 Head grade (g/t Au) 0.76 0.70 0.82 0.72 0.76 0.61 Gold ounces produced 34,180 37,160 40,307 37,741 27,973 29,
Slide 124: Historical Operating Results - Lamaque
Historical Operating Results - Lamaque (1) Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Operating Data Tonnes milled 192,087 199,656 221,232 184,599 225,107 202,359 Head grade (g/t Au) 6.43 6.06 7.41 7.28 6.63 5.27 Average recovery rate 97.5% 97.4% 97.5% 98.2% 97.8% 97.3% Gold ounces produced 38,
Slide 125: Historical Operating Results - Efemçukuru
Historical Operating Results - Efemçukuru (1)(2) Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Operating Data Tonnes milled 138,159 132,898 136,840 139,203 136,513 131,894 Head grade (g/t Au) 5.85 5.45 5.63 5.74 5.96 5.95 Average recovery rate (to concentrate) 92.9% 92.9% 93.6% 94.1% 93.3% 93.2% G
Slide 126: Historical Operating Results - Olympias
Historical Operating Results - Olympias (1)(2) Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Operating Data Tonnes milled 110,140 104,382 101,430 102,608 105,860 85,813 Head grade (g/t Au) 7.31 9.13 8.59 8.80 8.15 6.16 Gold average recovery rate (to concentrate) 83.0% 84.8% 81.5% 83.4% 84.6% 78.9%
Slide 127: Mineral Reserves (Gold, Silver) as of September 30, 2022
Mineral Reserves (Gold, Silver) as of September 30, 2022 Project Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au GOLD (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) Efem
Slide 128: Mineral Reserves (Copper, Lead, Zinc) as of September 30, 2022
Mineral Reserves (Copper, Lead, Zinc) as of September 30, 2022 Project Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable Tonnes Contained Cu Tonnes Contained Cu Tonnes Cu Cu Cu Contained Cu COPPER (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) Sk
Slide 129: Mineral Resources (Gold, Silver) as of September 30, 2022
Mineral Resources (Gold, Silver) as of September 30, 2022 Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources Contained Contained Contained Contained Tonnes Au Tonnes Au Tonnes Au Tonnes Au Au Au Au Au ounces ounces ounces ounces GOLD (x1000) g/t (x1000) (x
Slide 130: Mineral Resources (Copper, Lead, Zinc) as of September 30, 2022
Mineral Resources (Copper, Lead, Zinc) as of September 30, 2022 Total Measured and Project Measured Resources Indicated Resources Inferred Resources Indicated Contained Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Cu tonnes COPPER (x1000) % tonnes (x1000) (x1000) %
Slide 131: Notes on Mineral Resources and Reserves
Notes on Mineral Resources and Reserves 1. Mineral resources and mineral reserves are as of September 30, 2022. 2. The mineral resources and mineral reserves were classified using logic consistent with the CIM Definition Standards for Mineral Resources & Mineral Reserves (2014) incorporated, by refe
Slide 132: Notes on Mineral Resources and Reserves (cont’d)
Notes on Mineral Resources and Reserves (cont’d) All Mineral Reserves and Mineral Resources have been estimated in accordance with the standards of the CIM and NI 43-101. Sample preparation, analytical techniques, laboratories used, and quality assurance and quality control protocols used during exp